"Berlusconi has resigned. God Exists!"

Italians in Bologna, where Vogt lives, are cautiously celebrating the fall of Silvio Berlusconi. Scandal could not bring him down. Politics could not bring him down. Only economics could do this impressive trick. And the Eurozone is about one thing: economics. Writes Vogt:

Observing the Italian reaction of Silvio's resignation after 17 years in power one of the first things I heard from a jubilant young man celebrating in Bologna's Piazza Maggiore was "Berlusconi has resigned. Dio Esiste! (God Exists!)

In Bologna, the heart of Italy's left, the scene was celebratory, but cautiously so. Berlusconi, after all, was "the devil we know."